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MINUTES <br />CITY COUNCIL <br />APRIL 28, 1993 <br />CLEAN-UP Hanson reported that clean-up day is scheduled for <br />DAY Saturday, May 8th. Flyers have been sent to residents <br />announcing the specific details. Brush will be <br />accepted at clean-up day at the City Garage on Country <br />Drive. <br />EAGLE Hanson reported that former Little Canada resident <br />SCOUT Greg Huot recently was awarded the Eagle Scout <br />desiqnation by the Boy Scouts of America. Hanson <br />congratulated Mr. Auot on this achievement on behalf of <br />the City Council. <br />GIRL SCOUTS Hanson welcomed Cadet Scout Troop #997 to this <br />evening's meeting. <br />BOND SALE Brad Farnham, Springsted, Inc. appeared before the <br />FOR 1993 Council requesting the sale of $1,000,000 in General <br />IMPROVEMENT Obligation Improvement Bonds for the 1993 improvement <br />PROJECTS projects. Farnham reported that actual cost of the <br />projects is approximately $1,400,000 with the City <br />contributing about $400,000 to keep the size of the <br />bond issue at $1 million. Farnham reviewed the <br />assessment schedule involved, noting that it is <br />anticipated that there will be a high rate of <br />pre-payments given the new developments involved. <br />Farnham reported that the bonds would be combined with <br />the refunding of the new fire station bonds in order to <br />achieve an economy of scale. Sale date would be May <br />12th, with the Council acting on the bids that evening. <br />Hanson asked where the $400,000 that the City is <br />contributing would come from. <br />The City Administrator replied that these funds would <br />come from the City's Capital Improvement Funds, Water <br />and Sewer Capital Accounts, and MSA and Street Overlay <br />Accounts pursuant to the new assessment policy that the <br />Council is finalizing. The Administrator reported that <br />the City's goal is to not impact tax levies until debt <br />service levies drop substantially in the years 2000 and <br />2003. <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 93-4-100 - PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $1,000,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1993A <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Hanson, Pedersen, Morelan. <br />Nays (0). Resolution declared adopted. <br />Page 3 <br />